Compare the modern remarketing environment to what it was five years ago and the changes are remarkable – it isn’t an exaggeration to say the sector, as a whole, is unrecognisable.
Forward-thinking auctions are acknowledging that buyer expectations have never been higher, and are remaining fluid to provide a wider spectrum of services as a result.
So what will the next 12 months hold in store?
Timings, geography and workloads are factors that determine which sales a buyer can ‘attend’ in a week/month, so flexibility is key from the auction houses perspective. This highlights the importance of online sales, and the need for a live, high quality and interactive experience. But, auctions must ensure they deliver a consistent customer experience whether they choose to participate in a physical or digital remarketing environment, or both.
Dealer expectations are rising too, so auctions need to harness technological advancements to improve their overall offering. Buyers are demanding applications that sit on their smartphones for instance, with push notifications that keep them informed and up-to-date of auctions lots. The potential for new-found communications, is vast.
Again, with tech advancements, it is no surprise that innovation has re-shaped what’s possible in remarketing. To ease concerns surrounding online purchases, auction houses are often offering audio commentary and 360o videos to enhance their inspection findings. Remarketers that don’t provide this vehicle condition transparency will certainly see their attendance figures dwindle, as buyer’s increasingly look for de-risk investments.
A state of flux
New car sales have long dominated the headlines and, whilst a perhaps unsurprising slowdown has been witnessed recently, performance still remains relatively strong. That said, a downturn in used cars has begun to inflate new car prices which, in a full-circle industry turnaround, is now driving demand for used.
Auctions therefore need to remain in-tune with these industry trends and pass this insight and opportunity onto dealers. Advice on aligning stock profiles for the changing season, maximising margins, and communicating which cars are selling well at auction, will all translate into greater forecourt activity.
Written by Gareth Jones, G3 Remarketing – https://www.g3remarketing.co.uk/